"Retail looks likely to deliver badly needed growth prospects in construction over the next eighteen months," said James Abraham, economist, Glenigan.
"There has been strong growth in the underlying value of planning approvals this year coupled with favourable trading conditions (retail sales were last month up 3.4% on a strong June 2009 - British Retail Consortium)."
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Sainsbury's increased profits to £610 million last year, from £220 million five years ago, according to a company spokesperson. Much of this increase is being invested in expanding their network of stores.
Mr Abraham added: "Supermarket projects will ensure that as Government funding fades away, and other sectors remain bogged down by lack of investment, retail construction will remain well up on 2009 levels."
The decision by Land Securities to restart the 750,000 sq ft, £350 million retail development, Trinity Leeds, was a significant boost.
Francis Salway, Chief Executive, Land securities, said that the project is being restarted at a time where his company could reap the reward of lower costs.
(GK)
